The US and China agree on parameters as to intellectual property and trade secrets.
The concerns on cyber theft of intellectual property as well as trade secrets were acknowledged by both the United States and China. According to a US Treasury Department statement made last Friday, the two governments have agreed to undertake steps to open both its governmental and financial markets.
The statement was made in the annual US-China Strategic and Economic Dialogue. It added that China had made a commitement to ease its yuan currency to a market determined exchange rate.
The statement said, "During the S&ED, Chinese officials acknowledged U.S. concerns over the growing problem of the cyber-enabled theft of trade secrets and business confidential information. China pledges to better protect against trade secret misappropriation through strengthened enforcement."
There were previous efforts undertaken by the American authorities to make the Beijing government address issues of hacking American networks in order to steal information and other intellectual property. These efforts were met with denials as well as run around as to the issue of cyber espionage.
For more reports, go to IBTRADE